Perform Insights: Benchmarking

The Perform Benchmarking dashboard consists of three sections that spotlight stories related to employee retention, performance, and workforce experience trends compared to other companies within an industry.

What is Benchmarking?

Benchmarking is a process where you measure your company's success against competitors to discover how to improve your overall performance.

With performance benchmarking,  you are empowered to understand better how your organization's retention trends compare to relevant peer groups, providing your executives with a plan to retain your most valuable asset: your people.

Trakstar’s performance benchmarking enables you to compare your organization against relevant peer groups. Using anonymous, aggregated data, you can understand how you stack up in workforce performance and retention rates. Dive deeper into the data to determine your next steps and improve your workforce.

Accessing the Dashboard

Admins can access the Insights dashboard from the navigation menu in their Perform account.

Once you are viewing the Insights Dashboard, click on the Perform Benchmarking tab to access the Benchmarking Dashboard.

Dashboard Overview

Intended Use Cases

• As an HR Leader, I need to understand how our workforce retention rates are changing quarter over quarter. 
• As an HR Leader, I need to know how our workforce retention rates compare to other companies in our industry and companies of similar size. 
• As an HR Leader, I need to understand retention patterns across performance groups and tenure bands (such as new hires and experienced employees) as critical dimensions of talent management trends. 

Exporting Data

Filtering Data

Selected Quarter Filter

The Selected Quarter filter allows you to choose a range of options to filter the entire dashboard to reflect trends from a specific time frame. The Selected Quarter filter allows the selection of the last quarter from the past desired to display in the analysis. For instance, it is possible to exclude the most recent quarters and focus only on patterns from previous years.

Filter Actions

Dashboard Objects

All Employee Retention Rate Trends

What does this tell me, and why does it matter?

• As an HR Leader, I need to understand how our workforce retention rates are changing quarter over quarter. 
• As an HR Leader, I need to know how our workforce retention rates compare to other companies in our industry and companies of similar size. 

1. The Quarterly Retention Trends vs. Benchmark Peer Groups bar charts display the company’s quarter retention rate (in the dark blue bar) and compare it each quarter to comparison groups by industry (middle bar) and companies of similar size (right bar within the bar clusters).
2. The quarterly Retention Rate shows the company retention rate for the most recent complete quarter and then displays the comparison - percent up or down - to the previous quarter. Directly below are KPI cards displaying the Industry and Company Size comparison groups and their retention rate movement, up or down, compared to previous quarters. 
3. The Key Insights text box on the right side of the slide offers a short explanation of recent trends and recommendations in the form of links to additional resources on employee retention strategies.  This information is dynamic and will update based on your current data.

Calculations

Quarterly Retention Rate: ((End of Quarter Headcount - Hires)/Start of Quarter Headcount))*100

Excluding new hires within a given quarter, the retention rate is calculated to compare the end of quarter headcount to the beginning of quarter headcount - what is the percentage of people present at the start of a quarter who are still present by the end?

Industry and Company Size comparisons are based on anonymized data from other Trakstar customers. Industry and Company Size definitions are derived from data about each company in the Trakstar data sets.

Visualization Assumptions

• The Quarterly Retention Trends chart is a bar chart where bars are grouped by quarter, and consistent comparison groups (company, industry, company size peer group) are color-coded per the legend.
  • Change for each color group can be witnessed quarter over quarter. 
  • Comparison groups can be compared to other groups - above or below - for each quarter.

Performance Band Retention Rate Trends

• As an HR Leader, I need to understand patterns of employee retention across high/medium/low-performance groups and how those trends compare to other companies in our industry and of the same size.
• As an HR Leader, I need visibility to the engagement of top performers compared to industry and company size comparison groups.

1. The Performance Band Retention Trends bar charts display quarterly retention rates with separate bars for internal company performance bands of high, medium, and low. It is possible to:
   1. Witness retention trends for each distinct performance band quarter over quarter
   2. Compare each performance band to the others.
   3. Use the reference line running across the bar charts to compare rates with the overall Industry retention rate (top bar chart) or to the Company Size comparison group (bottom bar chart)
2. The Top Performer Engagement Survey Response % charts display the response percentage of top performers within the company to engagement surveys compared to engagement survey responses within the same industry or among companies of a similar size.
3. The Key Insights text box offers a short explication of recent trends along with recommendations in the form of links to additional resources on employee retention strategies.  This information is dynamic and will update based on your current data.

Calculations

Quarterly Retention Rate: ((End of Quarter Headcount - Hires)/Start of Quarter Headcount))*100

Excluding new hires within a given quarter, the retention rate is calculated to compare the end of quarter headcount to the beginning of quarter headcount - what is the percentage of people present at the start of a quarter who are still present by the end?

Industry and Company Size comparisons are based on anonymized data from other Trakstar customers. Industry and Company Size definitions are derived from data about each company in the Trakstar data sets.

Visualization Assumptions

• The Performance Band Retention Rate Trends charts are clustered bar charts where bars are grouped by quarter, and consistent comparison groups are color-coded per the legend.
  • Change for each color group can be witnessed quarter over quarter. 
  • Comparison groups can be compared to other groups - above or below - for each quarter.
  • The reference line in the middle of the bar charts displays comparison retention rates for Industry and Company Size comparison groups.

Employee Tenure Retention Rate Trends

What does this tell me, and why does it matter?

• As an HR Leader, I need to understand patterns of retention across tenure bands within our workforce - from new hires to experienced to long-tenured segments of the workforce.

1. The Employee Tenure Retention Rate Trends bar charts display quarterly retention rates with separate bars for tenure bands (categories based on length of service time). 
   • The top bar chart shows New Hires retention rates compared to Overall company retention rates per quarter. 
   • The bottom set of bar charts shows retention rates for the length of service segments across the company per quarter: 1-3 years length of service category, 3-5 years length of service category, more significant than five years length of service category.
   • Witness retention trends for each distinct performance band quarter over quarter
   • Compare each performance band to the others.
2. The KPI cards display retention rates for the most recent quarter for each of the lengths of service category groups: new hires (< 1 year), 1-3 years, 3-5 years, more significant than five years, along with the overall company retention rate for the most recent quarter.
3. The Key Insights text box offers a short explication of recent trends along with recommendations in the form of links to additional resources on employee retention strategies.  This information is dynamic and will update based on your current data.

Calculations

Quarterly Retention Rate:((End of Quarter Headcount - Hires)/Start of Quarter Headcount))*100

Industry and Company Size comparisons are based on anonymized data from other Trakstar customers. Industry and Company Size definitions are derived from data about each company in the Trakstar data sets.

Visualization Assumptions

• The Employee Tenure Retention Rate Trends charts are clustered bar charts where bars are grouped by quarter, and consistent comparison groups (length of service categories) are color-coded per the legend.
  • Change for each color group can be witnessed quarter over quarter. 
  • Comparison groups can be compared to other groups - above or below - for each quarter.
  • There is no Industry or Company Size peer group comparison in the Employee Tenure story slide.

Want to learn more about Insights or have a question?  Reach out at perform@trakstar.com!